Newcastle is thriving, encouraging many investors and owner-occupiers to move in, yet the area remains open investment-wise. It’s no longer a secret!
What is here in Newcastle that makes it an excellent investment choice? Here are just some of the reasons why:
Beach culture combined with flourishing arts scene
Newcastle, located just two hours from Sydney, was one of the seediest places in New South Wales (NSW). It was a city with a steel-based economy employing mostly miners and sailors. The recession in the 1990s that caused the closure of the BHP steel factories was a blessing in disguise. No one could have predicted that Newcastle would transform into a sophisticated, cosmopolitan city that it is today. It is now the second most populated city in NSW with a large number of Sydney residents migrating to the city each year.
A thriving, self-contained city
Newcastle City (not region) in numbers (ABS Census 2016):
- Population: 163,884
- Dwellings: 72,456
- Median Age: 37
- Families: 41,504
- Children per family: 1.8
- People per household: 2.4
The Department of Planning forecasts that population will reach 190,000 by 2036. Current gross regional worth is more than $14 billion. Unemployment has declined by 2% over the past year. In addition, private and government sectors continue to invest in this innovative and dynamic regional centre.
New investments in infrastructure
Three of the features that are important for any regional hub’s thriving development are found in Newcastle: airport, a major hospital and its own university. A $6.5 billion light railway systems will also be built in Newcastle. It has a thriving aerospace industry. A total of 8,500 jobs will be added to the region with RAAF Williamtown’s $500 million aerospace centre. A $1.5 billion upgrade to add a runway extension and modern facilities at the RAAF Base is underway. This will allow more strike jets to be housed there in preparation for the Australian government’s $12 billion outlay on F-35A joint strike fighters. Another major infrastructure project is the Port of Newcastle, the leading coal export port in the world and the biggest on the east coast of Australia.
Booming property market
According to the Domain Regional House report for September 2016, property values in the suburb surged by 9.3% over the year. In fact, Newcastle is enjoying a successful growth with the median house prices already up by 2.1% and 9.1% compared to those of Sydney and Melbourne, respectively. The median house price in Newcastle is about $530,000 and with the increase in prices over the past five years, the region is fast turning into a sustainable alternative to Sydney.